In a trading update for the year to 30th June 2023, the infrastructure services, construction and property group said its year end order book continues to be above £10 billion. It has won new, high quality and profitable work in its markets reflecting the bidding discipline and risk management embedded in the business.

Given the nature of its business, Kier said c. 85% of its revenue for FY24 is already secured which provides the firm with a good level of certainty against a backdrop of wider market uncertainty.

Its year end net cash position will be significantly above expectations at c.£60m, while average net debt will be better than expectations at c.£230m.

Andrew Davies, chief executive of Kier Group plc, said: “The group has delivered another year of strong operational and cash performance. We have now completed the second year of our medium-term value creation plan. This plan has embedded bidding discipline and risk management into the business and is allowing us to maximise value and convert the many high quality and profitable opportunities in our chosen markets, which remain favourable.

“We have also strengthened our balance sheet and grown our order book despite the uncertainty in the wider economy. These factors give the board confidence in the continued success of the group.”